The Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentencing of a man, identified as Chinedu Francis Nwabuisi, to two years’ imprisonment for converting N21.9 million mistakenly credited to his bank account to personal use.
The commission disclosed this in a statement issued on Tuesday, November 10, 2026.
According to the EFCC, Justice Irele Ifijeh of the Edo State High Court sitting in Benin City convicted Nwabuisi and sentenced him to two years in prison without an option of fine.
The commission explained that the sum of N21,939,732.27 was erroneously credited to the defendant’s account following a system glitch at First Bank Plc.
Nwabuisi was subsequently arraigned by the EFCC’s Benin Zonal Directorate after allegedly converting the money for personal use instead of returning it to the bank.
During the trial, prosecution counsel, M.S. Dahiru, presented two witnesses, including a senior First Bank official and an operative of the EFCC.
Several documentary exhibits were also tendered and admitted by the court in support of the prosecution’s case.
In his defence, Nwabuisi reportedly told the court that he believed the money represented proceeds from his Point of Sale (POS) business operated in partnership with the bank.
However, after considering the evidence presented, Justice Ifijeh found him guilty and handed down the two-year prison sentence without an option of fine.
The court also ordered the convict to refund the entire sum of N21,939,732.27 to First Bank Plc.
The EFCC quoted the court as ordering Nwabuisi to “restitute the complainant, First Bank Plc” with the said amount.
